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Uljanik is in bankruptcy

The Economic Court in Pasin announced today the bankruptcy of Uljanik, which is 100% owner of 11 companies in the group after a previously announced decision.

Uljanik Shipyard,


On the pub, today they said they had no choice.

Chairman of the Board of Directors Uljanika Emil Bulic after a court decision, stated that the bankruptcy of a parent company did not constitute bankruptcy of all members of the group.

Ulyanik is an umbrella company with about 20 employees. He has management tasks in 11 companies, including the 3Mail Rough Shipyard, in which the Group owns 87% of the shares. Six other member companies are bankrupt, among which one of the most important is the Uljanik shipyard from Pula.

Technical cooperation

On the pub, today they said they had no choice. The Uljanik account was blocked nearly 200 days due to 98 million kunas (13.2 million euros) of debts. The assets of the entire group are estimated at 2.5 billion kuna (337 million euros), with debts exceeding four billion kuna (540 million euros).

The judge was interested in whether Uljanik received some news about potential investors from one of the largest shipbuilding companies in the world, China Shipbuilding Industry Corporation. Bulic said there were no concrete interests at the moment. Next week, another delegation from China is expected to discuss opportunities for "technical cooperation".

The Croatian government has so far paid 3.2 billion kuna (432 million euros) on loan guarantees to the group. After the bankruptcy of Uljanik, he would probably have to pay a little less than one billion kuna (125m euros) to the Belgian company Jan de Nul, who patiently waited for the delivery of a special boat, floating dredge, during the agonies in Croatian shipyards, while others contracting authorities have already annulled the contracts.

Bulic believes Uljanik's bankruptcy does not mean an end to the company's operations, as they have more than 1.4 billion kuna (189 million euros) unfinished vessels on the rivers Rijeka and Pula. He noted that negotiations are ongoing with all shipbuilders, including those who have already refused to cooperate with the group. He pointed out the key "Facilitating the necessary financial flows in the group, in order to ensure at least the minimum functioning of the system."

Political question

In the unions again attacked the Croatian government over missed opportunities for timely rescue of the Uljanik group. They believe that the fate of the yards is primarily a political issue. Representative of the unions in Uljanik Boris Cevarot after the court's decision today, said they would not allow "insults" to enter the yard and gather all that is valuable to the rest.

He did not want to answer a journalist question, which is the plight. He mentioned that the latest stories will return to Uljanik two former strategic partners Uljanik, Kermas Energy Danka Koncharna and Brodosplit Tomislav Debeljak, who, he said, wanted to take over the group without investing his money. He confirmed that about 1500 workers in the group in Pula, 1100 of whom are ready to continue their work in the shipyard, but that everything depends on the actions of insolvent administrators.

At the beginning of June, a bankruptcy hearing will be held on May 3 in the Court of Audit, which has about 800 employees, after many left the shipyard. The remaining wages are postponed for eight months.

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